Police said the schoolboy was attacked at around 5.15pm in Dawson Walk near to Bushell Street and Lancaster Road North in Preston on Wednesday.
It is believed that the victim was walking along the street when he was approached from behind.
It is unknown what happened next but he was found by a neighbour with head injuries. Police are unsure at this stage what weapon was used in the attack.
The boy was taken by paramedics to Royal Preston Hospital where his injuries were confirmed as a fractured skull, fractured nose and fractured cheekbone.
He was later transferred to Manchester Children’s Hospital where he remains in a serious but stable condition.
DS Jerry Sturgess of Preston CID said: “This was a vicious attack on a young, vulnerable boy.
“I believe that the attacker is likely to be local to the Preston area and I would urge anyone that may have any information, to contact us as soon as possible.
“Any information you may have could help us with our inquiries.”
Anyone with information about the robbery or about the vehicle can contact Preston Police on 101 quoting log reference 939 of November 12th.
Alternatively, anyone with information can contact Crimestoppers anonymously on 0800 555 111 or online at Crimestoppers-uk.org.
No personal details are taken, information is not traced or recorded and you will not go to court.